Seven Arts Entertainment Inc. Announces Warrant Dividend
LOS ANGELES, Dec. 17, 2012 /PRNewswire/ -- Seven Arts Entertainment Inc. (OTCQB: SAPX) ("Seven Arts" or the "Company") reaffirmed today that it will issue one warrant ("Warrants") for each ten shares of its common stock (calculated immediately prior to the Company's reverse split on September 4, 2012) as a dividend to stockholders who owned shares of common stock on August 31, 2012, which serves as the record date. The Warrants will expire on June 30, 2014 and will be exercisable at $.03. The Warrants, as modified, replace the warrants preliminarily described by the Company in its September 4, 2012, press release and represent substantially improved terms over the prior announced terms. The Company plans to file a registration statement with the Securities and Exchange Commission in the near term, which, when effective, will permit public trading of the common stock issuable upon exercise of the Warrants. The Warrants themselves will not be transferrable or tradable and will be distributed to stockholders and become exercisable upon the effectiveness of such registration statement. The Company will not issue fractional warrants or pay cash in lieu thereof and will round all fractions down to the next lower ten pre-split shares.
Chief Executive Officer Peter Hoffman stated, "We are pleased to distribute to our loyal stockholders a warrant dividend exercisable at $.03. This dividend, we hope, will permit our stockholders to participate in what we believe will be the continued growth of the Company as we execute our announced business plan for this year and to offset in part the losses arising after the Company's reverse split on September 4, 2012 due to substantial short selling, as previously announced."
About Seven Arts Entertainment Inc.:
Seven Arts Entertainment Inc. is the successor to Seven Arts Pictures Plc, which was founded in 2002 as an independent motion picture production and distribution company engaged in the development, acquisition, financing, production and licensing of theatrical motion pictures for exhibition in domestic (i.e., the United States and Canada) and foreign theatrical markets, and for subsequent worldwide release in other forms of media, including home video and pay and free television.
Cautionary Information Regarding Forward-Looking Statements.
Forward-looking statements contained in this press release are made under the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from the anticipated. The information contained in this release is as of December 17 2012. Seven Arts assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments.
Seven Arts Entertainment Inc.
SOURCE Seven Arts Entertainment Inc.